【出版时间及名称】：2010年2月法国比利时房地产行业研究报告
        【作者】：法国农业信贷银行
        【文件格式】：pdf
        【页数】：36
        【目录或简介】：
CONTENTS
Summary 2
I— Valuation 4
II— A stabilisation in capitalisation rates 12
􀁑 A lasting trend: depreciation of non-prime assets 12
􀁑 A decline in financing costs expected in 2010E 13
􀁑 A decline in “prime” capitalisation rates is unexpected but logical 13
􀁑 A scenario validated by market data 14
III— Very mixed rental trends 16
􀁑 Office property in the greater Paris region: overly-high supply despite the
slowdown in deliveries 16
􀁑 Office property: we still assume a 30% decline in rents 16
􀁑 Potential impact on cash flows and office property valuations in 2010 18
􀁑 Shopping centres: under pressure… but holding up! 18
􀁑 The potential impact on cash flow and the valuation of shopping
centres in 2010 22
IV— A mixed 2010 24
􀁑 Financing: return of optimism 24
􀁑 Fragile cash flow, solid dividends 25
􀁑 Mixed NAV trends 26
Sector SRI Profile 27